According to the Pakistan Bureau of Statistics (PBS), inflation based on the Consumer Price Index (CPI) grew to 20.68 percent year on year in March 2024, up from 23.1 percent the previous month and 35.4 percent in March 2023.
The high base effect has resulted in much lower inflation. According to Arif Habib Limited, this is the lowest CPI-based inflation rate since May 2022.
On a month-to-month basis, it climbed by 1.7 percent in March 2024, compared to no change the previous month and 3.7 percent in March 2023.
CPI inflation in urban areas grew by 21.9 percent year on year in March 2024, up from 24.9 percent the previous month and 33.0 percent in March 2023.
On a month-over-month basis, it grew to 1.4% in March 2024, up from 0.2% the previous month and 3.9% in March 2023.
In March 2024, CPI inflation in rural areas grew to 19.0 percent year on year, up from 20.5 percent the previous month and 38.9 percent in March 2023.
On a month-over-month basis, it grew to 2.1 percent in March 2024, up from 0.3 percent the previous month and 3.5 percent in March 2023.
In March 2024, SPI inflation jumped to 25.9 percent year on year, up from 30.4 percent the previous month and 40.4 percent in March 2023.
On a month-over-month basis, it climbed by 2.1% in March 2024, compared to a 0.8% fall the previous month and a 5.8% gain in March 2023.
WPI inflation on a YoY basis rose to 14.8 percent in March 2024, up from 18.7 percent a month earlier and 37.5 percent in March 2023.
On a monthly basis, it climbed by 1.3 percent in March 2024, compared to 1.1 percent the previous month and 4.7 percent in the same month last year, March 2023.
Core inflation, or NFNE
Non-food non-energy Urban grew by 12.8 percent year on year in March 2024, up from 15.5 percent the previous month and 18.6 percent in March 2023.
On a monthly basis, it climbed by 0.1 percent in March 2024, compared to 0.3 percent the previous month and 2.5 percent in the same month last year, March 2023.
Non-food non-energy Rural rose by 20.0 percent year on year in March 2024, up from 21.9 percent the previous month and 23.1 percent in March 2023.
On a monthly basis, it climbed by 0.8 percent in March 2024, compared to 0.4 percent the previous month and 2.4 percent in the same month last year, March 2023.
Core inflation (Reduced)
Urban grew to 14.8 percent year on year in March 2024, up from 16.0 percent the previous month and 28.7 percent in March 2023, as measured by a 20% weighted trimmed mean.
On a month-over-month basis, it climbed by 0.6 percent in March 2024, compared to 0.3 percent the previous month and 2.7 percent in the similar month last year, March 2023.
Rural climbed to 18.4 percent year on year in March 2024, up from 21.3 percent the previous month and 35.0 percent in March 2023, as measured by a 20% weighted trimmed mean.
On a month-over-month basis, it grew to 0.9 percent in March 2024, up from 0.4 percent the previous month and 2.9 percent in the similar month last year, March 2023.
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